6-K 1 rnk200511216kbatch.txt BATCH FILING SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of November, 2005 THE RANK GROUP PLC (Translation of registrant's name into English) 6 Connaught Place, London, W2 2EZ, ENGLAND (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F..X.. Form 40-F..... Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ..... No ..X.. If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________ BLOCKLISTING SIX MONTHLY REVIEW 1. NAME OF COMPANY: THE RANK GROUP PLC 2. NAME OF SCHEME: THE RANK ORGANISATION & RANK GROUP EXECUTIVE SHARE OPTION SCHEMES 3. PERIOD OF RETURN: FROM: 1 APRIL 2005 TO: 30 SEPTEMBER 2005 4. NUMBER AND CLASS OF SHARE(S) (AMOUNT OF STOCK/DEBT SECURITY) NOT ISSUED UNDER SCHEME AT END OF THE LAST PERIOD: 3,729,184 ORDINARY SHARES OF 10p EACH 5. NUMBER OF SHARES ISSUED/ALLOTTED UNDER SCHEME DURING PERIOD: 692,544 ORDINARY SHARES OF 10p EACH 6. BALANCE UNDER SCHEME NOT YET ISSUED/ALLOTTED AT END OF PERIOD: 3,036,640 ORDINARY SHARES OF 10p EACH 7. NUMBER AND CLASS OF SHARE(S) (AMOUNT OF STOCK/DEBT SECURITIES) ORIGINALLY LISTED AND THE DATE OF ADMISSION: ORIGINAL LISTING: 11,000,000 ORDINARY SHARES OF 10p EACH ON 9 OCTOBER 1996 (LISTING REFERENCE A/4064/1996) PLEASE CONFIRM TOTAL NUMBER OF SHARES IN ISSUE AT THE END OF THE PERIOD IN ORDER FOR US TO UPDATE OUR RECORDS. 625,472,232 ORDINARY SHARES OF 10p EACH CONTACT FOR QUERIES NAME: CLARE DUFFILL TELEPHONE: 020 7535 8133 BLOCKLISTING SIX MONTHLY REVIEW 1. NAME OF COMPANY: THE RANK GROUP PLC 2. NAME OF SCHEME: THE RANK ORGANISATION OVERSEAS EXECUTIVE SHARE OPTION PLAN 3. PERIOD OF RETURN: FROM: 1 APRIL 2005 TO: 30 SEPTEMBER 2005 4. NUMBER AND CLASS OF SHARE(S) 1,564,038 ORDINARY SHARES OF 10P EACH (AMOUNT OF STOCK/DEBT SECURITY) NOT ISSUED UNDER SCHEME AT END OF THE LAST PERIOD: 5. NUMBER OF SHARES ISSUED/ALLOTTED NIL UNDER SCHEME DURING PERIOD: 6. BALANCE UNDER SCHEME NOT YET 1,564,038 ORDINARY SHARES OF 10P EACH ISSUED/ALLOTTED AT END OF PERIOD: 7. NUMBER AND CLASS OF SHARE(S) ORIGINAL LISTING: 2,000,000 ORDINARY (AMOUNT OF STOCK/DEBT SECURITIES) SHARES OF 10P EACH ON 9 OCTOBER 1996 ORIGINALLY LISTED AND THE DATE OF (LISTING REFERENCE A/4064/1996) ADMISSION: PLEASE CONFIRM TOTAL NUMBER OF SHARES IN ISSUE AT THE END OF THE PERIOD IN ORDER FOR US TO UPDATE OUR RECORDS. 625,472,232 ORDINARY SHARES OF 10P EACH CONTACT FOR QUERIES NAME: CLARE DUFFILL TELEPHONE: 020 7535 8133 BLOCKLISTING SIX MONTHLY REVIEW 1. NAME OF COMPANY: THE RANK GROUP PLC 2. NAME OF SCHEME: THE RANK GROUP SHARE SAVINGS SCHEMES 3. PERIOD OF RETURN: FROM: TO: 1 APRIL 2005 30 SEPETMBER 2005 4. NUMBER AND CLASS OF SHARE(S) (AMOUNT OF STOCK/DEBT SECURITY) NOT ISSUED UNDER SCHEME AT END OF THE LAST PERIOD: 1,755,661 ORDINARY SHARES OF 10P EACH 5. NUMBER OF SHARES ISSUED/ALLOTTED UNDER SCHEME DURING PERIOD: 408,677 ORDINARY SHARES OF 10P EACH 6. BALANCE UNDER SCHEME NOT YET ISSUED/ALLOTTED AT END OF PERIOD: 1,346,984 ORDINARY SHARES OF 10P EACH 7. NUMBER AND CLASS OF SHARE(S) (AMOUNT OF STOCK/DEBT SECURITIES) ORIGINALLY LISTED AND THE DATE OF ADMISSION: ORIGINAL LISTING: 2,000,000 ORDINARY SHARES OF 10P EACH ON 9 OCTOBER 1996 (LISTING REFERENCE A/4064/1996) AND 5,000,000 ORDINARY SHARES OF 10P EACH ON 17 JUNE 2002 PLEASE CONFIRM TOTAL NUMBER OF SHARES IN ISSUE AT THE END OF THE PERIOD IN ORDER FOR US TO UPDATE OUR RECORDS. 625,472,232 ORDINARY SHARES OF 10P EACH CONTACT FOR QUERIES NAME: CLARE DUFFILL TELEPHONE: 020 7535 8133 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. THE RANK GROUP PLC Date: 21 November 2005 By:____C B A Cormick_____ Name: C B A Cormick Title: Company Secretary

Revenue Profit before exceptional items 2005 2004 2005 2004 GBPm GBPm GBPm GBPm Gaming 533.5 443.9 52.0 54.8 Hard Rock 121.3 112.9 16.4 11.7 Deluxe Film 201.7 185.4 29.0 27.6 US Holidays 14.0 15.5 1.1 1.4 Central costs and other - - (7.9) (5.5) -------- -------- -------- -------- 870.5 757.7 90.6 90.0 Net (loss) income from associates and joint ventures - post tax (0.1) 0.2 Managed businesses' interest (19.5) (17.8) -------- -------- Adjusted profit before tax 71.0 72.4 Foreign exchange on inter-company balances (9.3) (1.4) Amortisation of equity component of convertible bond (1.5) - -------- -------- Profit before tax and exceptional 60.2 71.0 items Exceptional items - (4.1) -------- -------- Profit before tax 60.2 66.9 ======== ======== Adjusted earnings per share 8.2p 9.0p Basic earnings per share - continuing operations before exceptional items 6.4p 9.6p Dividend per share 5.0p 4.8p

Profit before tax 2005 2004 GBPm GBPm Gaming 52.0 54.8 Hard Rock 16.4 11.7 Deluxe Film 29.0 27.6 US Holidays 1.1 1.4 Central costs and other (7.9) (9.6) ------------ ------------ Continuing operations 90.6 85.9 Net (loss) income from associates and joint ventures (0.1) 0.2 Financing charge (30.3) (19.2) ------------ ------------ Profit before tax 60.2 66.9 ============ ============

Revenue Operating profit (loss) 2005 2004 2005 2004 GBPm GBPm GBPm GBPm Mecca Bingo UK 133.9 133.9 34.4 36.5 Spain 15.4 13.0 4.7 3.4 ---------- ---------- ---------- ---------- 149.3 146.9 39.1 39.9 Grosvenor Casinos UK 94.3 88.4 13.4 12.7 Belgium 6.0 6.0 0.5 1.0 ---------- ---------- ---------- ---------- 100.3 94.4 13.9 13.7 Blue Square 283.9 198.2 (1.0) 1.3 ---------- ---------- ---------- ---------- 533.5 439.5 52.0 54.9 Rank Leisure Machine - 4.4 - (0.1) Services ---------- ---------- ---------- ---------- 533.5 443.9 52.0 54.8 ========== ========== ========== ========== Mecca Bingo 2005 2004 Change % UK Bingo statistics Admissions ('000s) 10,122 10,710 (5)% Spend per head (GBP) 13.23 12.50 6 %

Analysis of UK bingo revenue 2005 2004 Change GBPm GBPm % Main stage bingo 27.4 27.0 1% Interval games 63.2 64.2 -2% Gaming machines 30.9 30.1 3% Food, beverage & other 12.4 12.6 -2% ------------- ----------- ----------- 133.9 133.9 0% ============= =========== ===========

Revenue Operating profit 2005 2004 2005 2004 GBPm GBPm GBPm GBPm UK London - upper 10.8 11.6 2.1 1.7 London - other 27.6 25.9 4.4 4.2 Provincial 49.4 45.8 10.8 11.0 Hard Rock 6.5 5.1 0.1 (0.5) Overheads - - (4.0) (3.7) ----------- ----------- ----------- ----------- 94.3 88.4 13.4 12.7 =========== =========== =========== ===========

Admissions Handle per head Win % ('000s) (GBP) 2005 2004 2005 2004 2005 2004 UK London - upper 26 25 2,320 2,366 17.7 19.1 London - other 301 305 480 466 17.7 17.1 Provincial 1,587 1,319 159 178 16.3 16.7 Hard Rock 192 182 157 141 18.0 16.5

Revenue Gross win 2005 2004 2005 2004 GBPm GBPm GBPm GBPm Online 250.9 168.2 10.8 10.8 Telephone 33.0 30.0 2.1 2.4 ----------- ----------- ----------- ----------- 283.9 198.2 12.9 13.2 =========== =========== =========== ===========

HARD ROCK Revenue Operating profit 2005 2004 2005 2004 GBPm GBPm GBPm GBPm Company operated Cafes 110.2 105.9 12.7 11.2 Third party operated Cafes 2.6 2.2 2.1 2.0 Hotels/casinos 6.2 2.4 5.8 2.4 Territory sales/other 2.3 2.4 0.6 (0.3) Equity distributions - - 2.5 2.0 Overheads - - (7.3) (5.6) --------- --------- --------- --------- 121.3 112.9 16.4 11.7 ========= ========= ========= =========

Food and Merchandise Total Beverage To 30 June 2005 North America 1.1% -6.3% -1.4% Europe 4.9% 6.3% 5.4% Total 2.2% -3.0% 0.4%

Revenue Operating profit 2005 2004 2005 2004 GBPm GBPm GBPm GBPm Film Laboratories and physical 165.2 166.0 21.9 23.8 distribution Creative Services 36.5 19.4 7.1 3.8 ---------- ---------- ---------- ---------- 201.7 185.4 29.0 27.6 ========== ========== ========== ==========

2005 2004* GBPm GBPm Central costs (7.9) (6.0) Other income - 0.5 -------------- -------------- (7.9) (5.5) ============== ==============

2005 2004 GBPm GBPm Hard Rock Hotel joint venture (0.7) - Deluxe associate and joint venture 0.6 0.2 -------------- --------------- (0.1) 0.2 ============== =============== Financing charges 2005 2004 GBPm GBPm Interest payable and other charges 22.4 24.9 Interest receivable (2.9) (7.1) -------------- --------------- Managed businesses' interest 19.5 17.8 Foreign exchange on inter-company balances 9.3 1.4 Amortisation of equity component of convertible 1.5 - bond -------------- --------------- 30.3 19.2 ============== ===============

Average exchange rate Impact on H1 2005 2005 2004 Revenue Operating profit GBPm GBPm US dollar 1.86 1.82 (4.0) (0.7) Canadian dollar 2.27 2.36 2.3 - Euro 1.46 1.46 0.1 - ---------- ---------- (1.6) (0.7) ========== ========== Gaming - - Hard Rock (1.5) (0.3) Deluxe Film 0.2 (0.4) US Holidays (0.3) - ---------- ---------- (1.6) (0.7) ---------- ---------- Managed businesses' interest 0.2 ---------- Net impact on adjusted profit before tax (0.5) ----------

Analysis of discontinued operations 2005 2004 Operating (loss) profit before exceptional items GBPm GBPm Video duplication (2.1) (4.3) DVD/CD replication (6.9) (5.2) Distribution services (3.4) 0.4 ---------- ---------- (12.4) (9.1) Exceptional items (13.2) (27.9) ---------- ---------- Operating loss (25.6) (37.0) Net finance costs (0.8) (0.2) ---------- ---------- Loss before tax (26.4) (37.2) Tax (9.2) 3.0 ---------- ---------- Loss after tax (35.6) (34.2) ========== ========== Exceptional items 2005 2004 GBPm GBPm DMS restructuring (13.2) (27.9) Loss on disposal - (4.1) ---------- ---------- (13.2) (32.0) Tax on exceptional items 0.7 0.4 ---------- ---------- (12.5) (31.6) ========== ==========

2005 2004 GBPm GBPm Cash flow from operating activities Before Deluxe contract advances 85.8 91.6 Deluxe contract advances, net of repayments (50.9) 17.9 ---------- ---------- 34.9 109.5 Capital expenditure (30.6) (55.3) Fixed asset disposals 1.0 0.6 ---------- ---------- Operating cash flow 5.3 54.8 Acquisitions and investments (21.0) (14.9) Disposals & refinancing proceeds 18.1 29.9 ---------- ---------- 2.4 69.8 Interest, tax and dividend payments (81.1) (57.4) ---------- ---------- Cash (outflow) inflow (78.7) 12.4 ========== ==========

2005 2004 GBPm GBPm Gaming 7.5 29.6 Hard Rock 6.3 5.8 Deluxe Film 12.6 5.3 US Holidays 0.3 0.9 ---------- ---------- 26.7 41.6 Deluxe Media 3.9 13.7 ---------- ---------- 30.6 55.3 ========== ==========

2005 2004 Before Before Exceptional Exceptional Exceptional Exceptional Items Items Total Items Items Total GBPm GBPm GBPm GBPm GBPm GBPm -------- -------- -------- -------- -------- ------- Continuing operations Revenue 870.5 - 870.5 757.7 - 757.7 Cost of sales (689.7) - (689.7) (588.8) - (588.8) -------- -------- -------- -------- -------- -------- Gross profit 180.8 - 180.8 168.9 - 168.9 Other operating costs (45.2) - (45.2) (39.9) - (39.9) Other operating income 5.1 - 5.1 4.7 - 4.7 General and administration (50.1) - (50.1) (43.7) - (43.7) Exceptional items - Loss on disposal of - - - - (4.1) (4.1) business -------- -------- -------- -------- -------- -------- Operating profit 90.6 - 90.6 90.0 (4.1) 85.9 Net finance costs (21.0) - (21.0) (17.8) - (17.8) Foreign exchange loss on inter- company loans (9.3) - (9.3) (1.4) - (1.4) Share of post tax (losses) profits in associates and joint ventures (0.1) - (0.1) 0.2 - 0.2 -------- -------- -------- -------- -------- -------- Profit (loss) before tax 60.2 - 60.2 71.0 (4.1) 66.9 Taxation (note 3) (19.5) - (19.5) (13.7) - (13.7) -------- -------- -------- -------- -------- -------- Profit (loss) for the period from continuing 40.7 - 40.7 57.3 (4.1) 53.2 operations Discontinued operations Operations held for sale (note 2) (23.1) (12.5) (35.6) (6.7) (27.5) (34.2) -------- -------- -------- -------- -------- -------- Profit (loss) for the period 17.6 (12.5) 5.1 50.6 (31.6) 19.0 ======== ======== ======== ======== ======== ======== Profit (loss) attributable to minority 0.6 - 0.6 0.1 (0.5) (0.4) interest Profit (loss) attributable to equity 17.0 (12.5) 4.5 50.5 (31.1) 19.4 shareholders -------- -------- -------- -------- -------- -------- 17.6 (12.5) 5.1 50.6 (31.6) 19.0 ======== ======== ======== ======== ======== ======== Basic earnings per share 0.7p 3.2p Diluted earnings 0.7p 3.3p per share Further earnings per share information is provided in Note 5 GROUP INCOME STATEMENT (unaudited) 6 months to 6 months to Year to 30.6.05 30.6.04 31.12.04 GBPm GBPm GBPm Continuing operations Revenue 870.5 757.7 1,568.2 Cost of sales (689.7) (588.8) (1,187.5) ---------- ----------- --------- Gross profit 180.8 168.9 380.7 Other operating costs (45.2) (39.9) (90.3) Other operating income 5.1 4.7 8.1 General and administration (50.1) (43.7) (102.6) Operating exceptional costs - (4.1) (41.5) ---------- ----------- --------- Operating profit 90.6 85.9 154.4 Net finance costs (21.0) (17.8) (39.9) Foreign exchange (loss) gain on inter-company loans (9.3) (1.4) 11.4 ---------- ----------- --------- Total finance costs (30.3) (19.2) (28.5) Share of post tax (losses) profits in (0.1) 0.2 - associates and joint ventures Profit before tax 60.2 66.9 125.9 Taxation (note 3) (19.5) (13.7) (22.1) ---------- ----------- --------- Profit after tax 40.7 53.2 103.8 Operations held for sale (note 2) (35.6) (34.2) (118.1) ---------- ----------- --------- Profit (loss) for the period 5.1 19.0 (14.3) ========== =========== ========= Basic earnings (loss) per share 0.7p 3.2p (2.5)p Diluted earnings (loss) per share 0.7p 3.3p (1.7)p Further earnings per share information is provided in Note 5. GROUP BALANCE SHEET (unaudited) 30.6.05 30.6.04 31.12.04 GBPm GBPm GBPm Non-current assets Intangible assets 259.1 248.8 252.3 Tangible assets 580.7 633.0 577.1 Investments 52.5 55.2 55.3 Other receivables 228.4 202.7 293.3 ---------- ----------- --------- 1,120.7 1,139.7 1,178.0 ---------- ----------- --------- Current assets Inventories 62.3 62.4 51.7 Trade and other receivables 303.6 494.6 232.1 Cash and deposits 114.9 117.0 75.6 Assets held for sale 122.3 - 174.0 ---------- ----------- --------- 603.1 674.0 533.4 Current liabilities Loan capital and borrowings (32.2) (245.2) (19.8) Trade and other payables (207.7) (365.8) (271.2) Current tax liabilities - (38.9) (9.5) Liabilities held for sale (98.6) - (142.8) ---------- ----------- --------- (338.5) (649.9) (443.3) Net current assets 264.6 24.1 90.1 ---------- ----------- --------- Non-current liabilities Loan capital and borrowings (820.1) (568.6) (692.1) Other non-current liabilities (164.8) (99.7) (139.6) Provisions (31.9) (45.5) (36.4) ---------- ----------- --------- (1,016.8) (713.8) (868.1) ========== =========== ========= Net assets 368.5 450.0 400.0 ========== =========== ========= Shareholders' equity Called up share capital 62.5 60.1 62.4 Share premium account 90.0 25.9 88.3 Other reserves 206.0 349.0 240.6 ---------- ----------- --------- Shareholders' funds 358.5 435.0 391.3 Equity minority interests 10.0 15.0 8.7 ---------- ----------- --------- 368.5 450.0 400.0 ========== =========== ========= GROUP CASH FLOW (unaudited) 6 months 6 months Year to to 30.6.05 to 30.6.04 31.12.04 GBPm GBPm GBPm Cash flows from operating activities (note 4) Cash generated from operations 34.9 109.5 263.3 Interest paid (17.5) (18.6) (44.2) Income tax (paid) received (2.3) 17.4 11.9 ---------- ---------- --------- Net cash from operating activities 15.1 108.3 231.0 Cash flows from investing activities Acquisition of subsidiaries (17.9) (14.7) (70.5) Purchase of property, plant and equipment (30.6) (55.3) (115.6) Proceeds from sale of property, plant and equipment 1.0 0.6 7.4 Net cash acquired on acquisition of subsidiaries 1.0 (0.4) 0.9 Investments in associates and joint ventures (4.1) (0.2) (5.1) Sale of businesses (net of cash disposed) - 30.3 29.9 Purchase of investments - - (0.1) Capital distribution from trade asset investment 18.1 - - ---------- ---------- --------- Net cash used in investing activities (32.5) (39.7) (153.1) Cash flows from financing activities Dividends paid to Company shareholders (61.2) (55.5) (84.5) Dividends paid to minority interests (0.1) (0.6) (1.9) Issue (redemption) of share capital 1.8 1.9 2.8 Net draw down of debt 113.0 (56.2) (69.0) Finance lease principal payments (2.5) (3.5) (5.1) ---------- ---------- --------- Net cash used in financing activities 51.0 (113.9) (157.7) ---------- ---------- --------- Net increase (decrease) in cash and cash equivalents 33.6 (45.3) (79.8) Cash and cash equivalents at beginning of period 65.5 146.5 146.5 Exchange gains (losses) on cash 0.1 (3.5) (1.2) ---------- ---------- --------- Cash and cash equivalents at end of period 99.2 97.7 65.5 ========== ========== ========= STATEMENT OF RECOGNISED INCOME AND EXPENSE 6 months 6 months Year to to 30.6.05 to 30.6.04 31.12.04 GBPm GBPm GBPm Profit (loss) for the financial period 5.1 19.0 (14.3) Currency translation differences on foreign currency net investments 12.5 6.8 (21.2) Actuarial (loss) gain on defined benefit pension scheme (22.7) 29.0 29.6 Movement on deferred tax relating to defined benefit pension scheme 6.8 (8.9) (8.6) Revaluation of available for sale securities 7.4 - - ---------- ----------- --------- Total recognised gains and losses for period 9.1 45.9 (14.5) ========== =========== ========= STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 6 months 6 months Year to to 30.6.05 to 30.6.04 31.12.04 GBPm GBPm GBPm Profit (loss) attributable to equity shareholders 4.5 19.4 (15.0) Dividends (61.2) (55.5) (84.5) Credit in respect of employee share schemes 1.9 1.5 2.5 Other recognised gains and losses (net) 4.0 26.9 (0.2) Adjustment to purchase price on acquisition (goodwill) - - (18.8) New share capital subscribed 1.8 9.0 73.6 ---------- ----------- --------- Net movement in shareholders' equity (49.0) 1.3 (42.4) Opening shareholders' equity as previously stated 391.3 433.7 433.7 Adoption of Financial Instruments IAS 32/39 16.2 - - ---------- ----------- --------- Opening shareholders' equity as restated 407.5 433.7 433.7 ---------- ----------- --------- Closing shareholders' equity 358.5 435.0 391.3 ========== =========== =========

6 months 6 months Year to to 30.6.05 to 30.6.04 31.12.04 GBPm GBPm GBPm Revenue 136.8 173.7 385.1 ========= ========= ========= Operating (loss) profit before exceptional items (12.4) (9.1) 9.6 Exceptional operating costs (13.2) (27.9) (127.0) --------- --------- --------- Operating loss (25.6) (37.0) (117.4) Net interest (0.8) (0.2) 0.1 --------- --------- --------- Loss before tax (26.4) (37.2) (117.3) Tax (9.2) 3.0 (0.8) --------- --------- --------- Net loss (35.6) (34.2) (118.1) --------- --------- --------- Assets and liabilities relating to the discontinued operations are as follows. 6 months to 30.6.05 GBPm Inventories 10.5 Debtors 111.8 ---------- Assets held for sale 122.3 Creditors within one year (85.2) Provisions (13.4) ---------- Liabilities held for resale (98.6) ---------- Net assets held for sale 23.7 ========== Cash flows relating to the discontinued operations are as follows 6 months 6 months 12 months to 30.6.05 to 30.6.04 to 31.12.04 GBPm GBPm GBPm Cash flow from operating activities 9.6 (7.5) (8.8) ========= ========= ========= Cash flow from investing activities (11.2) (19.0) (16.6) ========= ========= ========= Cash flow from financing activities - - - ========= ========= ========= 3. Tax The tax charge, including amounts disclosed within discontinued operations may be analysed as follows: 6 months 6 months 12 months to 30.06.05 to 30.06.04 to 31.12.04 GBPm GBPm GBPm Rank subsidiaries - continuing operations Adjusted profit 18.9 19.1 41.2 Foreign exchange on inter-company 0.6 (5.4) (8.8) loans Amortisation of equity component of - - - convertible bond --------- ---------- --------- Charge for continuing operations 19.5 13.7 32.4 Discontinued operations 9.9 (2.6) 2.7 --------- ---------- --------- Total pre-exceptional tax charge 29.4 11.1 35.5 ========= ========== ========= Exceptional tax credit (0.7) (0.4) (12.2) ========= ========== ========= Taxation has been provided at an estimated effective rate of 26.6% on adjusted profit (2004 full year - 26.3%). 4. Reconciliation of operating profit to cash flow 6 months 6 months Year to to 30.6.05 to 30.6.04 31.12.04 GBPm GBPm GBPm Operating profit 90.6 85.9 154.4 DMS operating loss (25.6) (37.0) (117.4) Exceptional operating costs charged 13.2 32.5 168.7 Cash payments in respect of exceptional (7.8) (14.4) (29.4) items and provisions Depreciation and amortisation 34.6 36.1 73.7 Contract advance payments (net of (50.9) 17.9 17.8 amortisation) Increase in working capital (22.1) (16.0) (11.4) Other items 2.9 4.5 6.9 --------- ---------- --------- Net cash inflow from operating activities 34.9 109.5 263.3 --------- ---------- --------- 5. Earnings per share 6 months 6 months Year to to 30.6.05 to 30.6.04 31.12.04 Basic earnings (loss) per share before exceptional items 2.7p 8.5p 25.3p after exceptional items 0.7p 3.2p -2.5p Basic earnings per share - continuing operations before exceptional items 6.4p 9.6p 24.1p after exceptional items 6.4p 9.0p 17.2p Basic earnings (loss) per share - discontinued operations before exceptional items -3.7p -1.1p 1.2p after exceptional items -5.7p -5.7p -19.7p Diluted earnings (loss) per share before exceptional items 2.7p 8.0p 24.1p after exceptional items 0.7p 3.3p -1.7p Diluted earnings per share - continuing operations before exceptional items 6.4p 9.0p 23.0p after exceptional items 6.4p 8.5p 16.6p Diluted earnings (loss) per share - discontinued operations before exceptional items -3.7p -1.0p 1.1p after exceptional items -5.7p -5.1p -18.3p Basic adjusted earnings per share - continuing operations 8.2p 9.0p 18.8p

6 months 6 months 6 months to 30.6.05 to 30.6.04 to 31.12.04 GBPm GBPm GBPm Net profit attributable to equity shareholders 4.5 19.4 (15.0) Discontinued operations 35.6 34.2 118.1 Exceptional items - 4.1 41.5 Foreign currency losses (gains) on inter-company balances 9.3 1.4 (11.4) Interest on convertible bond 1.5 - - Tax on adjusted items 0.5 (5.4) (20.7) --------- --------- --------- Adjusted net profit 51.4 53.7 112.5 ========= ========= =========

US$/GBP 6 months 6 months 6 months to 30.6.05 to 30.6.04 31.12.04 Average 1.86 1.82 1.84 Period-end 1.79 1.81 1.92

6 months 6 months Year to to 30.6.05 to 30.6.04 31.12.04 GBPm GBPm GBPm Borrowings, net of cash (737.4) (696.8) (636.3) Amounts disclosed within Deluxe Media Services (11.9) - (1.4) Accrued interest 12.4 - - ---------- --------- ---------- Net debt (736.9) (696.8) (637.7) ========== ========= ==========

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